A US$1.27 billion package offered to supports firms amid the pandemic

Techcombank's customers could enjoy reduction of lending rate for loans during the novel coronavirus pandemic. — Photo courtesy of Techcombank

HÀ NỘI — Techcombank on Wednesday announced a VNĐ30 trillion (US$1.27 billion) credit package to support its customers to overcome difficulties amid the COVID-19 pandemic.

The package includes exemptions and reductions of lending rates as well as extending and rescheduling debts for both businesses and individuals.

Accordingly, VNĐ20 trillion would be given to support firms to restructure their debts. In addition, Techcombank will also reduce interest rate for customers by up to 2 per cent. It also committed to ensuring credit sources to support companies to resume business after the end of the pandemic.

The bank’s household and individual customers can access a VNĐ10 trillion support package including reduction of the lending rate of 2 per cent and mortgages for buying and repairing houses in six to 12 months.

Phùng Quang Hưng, Techcombank’s Managing Director cum Standing Deputy General Director said: “The COVID-19 pandemic has been a challenge for the world’s economy including Việt Nam, causing big effects to the people lives, the development of business community and all sectors of the economy. Techcombank’s VNĐ30 trillion package aims to facilitate our customers to recover their business and lives."

In addition to the package, Techcombank has accelerated investments into digitalisation of transactions to limit the use of cash and minimise the risk of COVID-19 infection.